Latest news: MCR refinances TWA; AHT sells 3; MGallery to Caribbean

MCR refinances TWA Hotel. Farmers Branch, Texas-based MCR Development has refinanced the 512-key TWA Hotel at John F. Kennedy International Airport for $290 million, according to multiple reports. Barclays provided the financing, and the refinance replaced a $270 million loan. The hotel was last renovated in 2019.

AHT sells 3 in Atlanta area. Dallas-based Ashford Hospitality Trust has sold three metro Atlanta hotels to multiple buyers for an undisclosed price. AHT sold the 85-key Hampton Inn Lawrenceville to Columbia, Maryland-based Baywood Hotels, and the 86-key Fairfield Inn & Suites and 90-key SpringHill Suites Atlanta Kennesaw to Pulse Hotel Group. The transactions were finalized on June 10 with Hunter Hotel Advisors representing the seller.

First MGallery in Caribbean. Accor is partnering with Lausanne, Switzerland-based Terres de Légendes, to develop the first MGallery hotel in the Caribbean. The 165-key The Whimsy Hotel & Spa Saint-Martin — MGallery Collection will be located in Saint-Martin and is scheduled to open in 2025. The hotel will be part of the MGallery Hotel Collection brand, which has over 120 luxury boutique hotels worldwide and plans to increase its network and pipeline by 30% by 2030.

Leo Capital acquires in Orlando. Singapore-based Leo Capital has acquired the 246-key Embassy Suites Orlando International Drive ICON Park in Florida to an undisclosed buyer for $37.66 million. A renovation is planned in the next 18 months. Crestline Hotels & Resorts will continue to manage the property. Hunter Hotel Advisors represented the seller in the transaction. 

Bank takes over Saranac hotel. The owners of the 93-key Saranac Waterfront Lodge in New York have handed over the deed to the hotel and restaurant back to its lender, Champlain National Bank, instead of foreclosure, according to a report in the Adirondack Explorer. The hotel opened in November 2020, continues operating, and is not in receivership. HEI Hotels & Resorts is managing the lodge.

Four Seasons reopens hotels in NYC, Santa Barbara. The Four Seasons is reopening hotels in New York City and Santa Barbara, California, after both have been closed since the Pandemic. The Four Seasons Hotel New York will reopen this September as the company reached a reopening agreement with Ty Warner Hotels and Resorts, which owns the Manhattan hotel. Four Seasons has also agreed to reopen another long-shuttered, Ty Warner-owned property: the 206-key Four Seasons Resort The Biltmore Santa Barbara in California, closed since March 2020.

Crestline adds in Ashville. Fairfax, Virginia-based Crestline Hotels & Resorts will manage the 116-key Hotel Indigo Asheville Downtown in Asheville, North Carolina. Crestline manages 125 hotels, resorts and conference centers in 28 states and the District of Columbia.

PM Group adds in Portland. Chevy Chase, Maryland-based PM Hotel Group will manage Holiday Inn Wilsonville in the Portland, Oregon metropolitan Area. PM Group has four other properties in the area and now operates more than 70 hotels and resorts across the U.S. 

Massachusetts hotel sells. Devens Inn LLC, an affiliate of Westford, Massachusetts-based RAVentures, has sold the 118-key Hilton Garden Inn Devens Common to Lexington, Massachusetts-based Queen City for $17.7 million. Queen City is an affiliate of Lexington-based Jamsan Management, which owns 70 hotels across New England.

New hotel in West Palm Beach. Miami-based Terra and Lake Worth, Florida-based Sympatico Real Estate are opening the Mr. C Hotel & Residences West Palm Beach in Florida. The development, scheduled to open in 2026, will have 110 hotel rooms and 146-branded residences.

Highgate adds adults-only hotel in O’ahu. Irving, Texas-based Highgate has opened the only adults-only hotel in O’ahu, Hawaii, with the 179-key Romer House Waikīkī. The hotel is the sister hotel to its neighboring Romer Waikīkī at the Ambassador.

Choice adds Ascend brand in DC. The Quincy Hotel in Washington, D.C., will be rebranded and become part of Choice Hotels International’s Ascend Hotel Collection, marking the first hotel for the soft brand in the market. The hotel is owned by an affiliate of UIP and will be operated by Hotel Equities.

Radisson adds in Thailand. Radisson Hotel Group is set to launch its first Radisson Red hotel in Bangkok, Thailand, with the Radisson Red Bangkok Sukhumvit 18, scheduled to open in the fourth quarter of 2025. The hotel is being reflagged from the Park Plaza brand.